New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-09-26
MONEY IND BUSINESS.

The prediction that more money issued by
the Treasury would be Immediately absorbed
by the speculative expansion thus encouraged.
leaving little or no increase of supply for
legitimate business, is quickly justified. Last
week the Treasury diminished its cash in
| excess Of certificates outstanding by
| 50, 900, OO0 In forty-eight hours the advance
in prices of stocks was 81 SO per share, so
that the 100000 shares bought after the
rise began ON Tuesday cost SJ,750,o00 more
Oh Thursday than ON Tuesday noon, to say
nothing Of the far larger amount Of stocks
waiting for sale here and abroad, or of the
many new undertakings waiting for a chance
to raise money. Boston alone, it is said has
promoted this season seventeen distinct land
companies. besides its large investments in
new railroad building. The South and West
continue to extend railroads. 10 create new
towns, TO put up new manufacturing establish
mcnts and to multiply now buildings, and for
all these works money is constantly wanted
The rise in wheat corn, oil and pork products
requires more money to carry the stock as it
passes from hand to hand, and the feeling Of
"reIief' induces many to complete buildings
and railroads who were in doubt whether To
invest more at this time.
The Treasury bought 81, 10S, $50 bonds last
week, and its net gold. silver and legal tenders
were reduced 3,9O4,O23 from Saturday TO
Saturday. Notwithstanding imports OF
So, $4,000 gold from Europe, and the Treas
ury disbursements the banks gained in reserve
only 81, 780, 900, and the Si,Oo0,O00 paid for
bonds the previous week does not appear in
the returns, Though its transfer 10 San Frau
-. -.
slaclscnng in the demand for money from the
interior, though banks report actual shipments
of S3,526,OOO during the past week. Part OF
the money sent away by banks may be pro-
ceeds Of bonds sent here, and part of the
bonds received by the Secretary came direct
from other towns; on Friday and Saturday,
out of $3,6I5, $50 bonds sold, S1,841, 100
came from New York, ST, 229,O 50 from Bos-
ton, and the balance from other places. Need
OF money to put into new works in various
parts of the country prompts holders of bonds
there To sell them, so that only part OF the
money discussed comes from Ncw-York, and
not the whole is available for the ordinary
needs of commerce. Hence rates for time
money have not materially changed, and 1t Is
reported that there are few transactions.
The grain market answered promptly To the
impulse given by Treasury disbursements, and
wheat rose 1 1-S cents, corn l-2 and oats
3-S Of cent lard advanced shade, butter
cent, coffee Is. and oil Is cents. Cotton
was a little weaker with the approach Of large
supplies. Copper declined 10 cents per 100
pounds, and lead 80 cents, tin advancing %
cents. The iron market is still rendered
irregular by the heavy output OF certain
grades and the large imports, and yet more
By uncertainty as to railroad building. Wool
continues dull and weak, Notwithstanding
some decrease in the clip and some in i'm
ports; manufacturers arc meeting better
trade, but are not 50 certain Of its continu-
ance as to purchase without caution, while